Blockchain Firm Billon Obtains Polish E-Money Institution License

Blockchain, News | April 26, 2019 By:

Billon Solutions, a fully owned subsidiary of Polish blockchain firm Billon Group, has received a license from the Polish Financial Supervision Authority to operate as a registered electronic money institution.

The license, the first of this type issued in Poland, will enable Billon to use its blockchain enterprise system to provide a number of payment services in national currency, such as keeping an electronic money account, issuing payment instruments, making transactions, exchanging currencies or remittance. It will also allow Billon to issue electronic money in the form of a national currency with the same value as cash and money on a bank account.

“This milestone recognizes that Billon has achieved a natively encrypted national currency capability, beyond the concept of a ‘stablecoin’, which is a cryptocurrency concept. Billon encrypts everyday currency directly, and can make peer-to-peer transactions without the friction of a bid-ask spread related to stablecoins,” said Andrzej Horoszczak, CTO and Founder of Billon Group.

According to Billon, the license would allow them to operate in the entire European Union, should the company exert its passporting rights, in which case the Polish financial regulator would notify supervisory authorities in other EU countries about the electronic money institution license.

“The e-money license is a milestone in Billon’s development,” said Wojtek Kostrzewa, CEO of Billon Group. “With it we will be able to offer companies all over Europe a whole range of accounts and payments solutions that unleash the potential of our high-performance DLT system. We can present a wide range of B2B2C applications, such as P2P transfers, micropayments for multimedia content, e-commerce, or corporate payments at much lower cost than with legacy banking systems. I would like to thank everyone at Billon for their hard work and dedication to achieving this success.”